Latest Ratios: P/E Ratio 62.0x · EV/EBITDA 32.8x · ROE 5.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.1B | $9.7B | $10.7B | $16.0B | $13.8B | $21.9B | $15.6B | $17.6B | $13.3B | $19.3B | $16.5B |
| Enterprise Value | $66.1B | $63.8B | $40.2B | $44.7B | $41.9B | $41.9B | $31.5B | $30.9B | $26.9B | $30.7B | $28.1B |
| P/E Ratio → | 61.97 | 48.01 | 14.44 | 14.01 | 67.06 | 18.62 | — | 8.57 | 28.54 | 10.00 | 15.02 |
| P/S Ratio | 0.69 | 0.55 | 0.62 | 0.99 | 1.05 | 2.26 | 3.17 | 1.36 | 1.13 | 1.79 | 1.75 |
| P/B Ratio | 3.81 | 2.95 | 2.89 | 3.67 | 2.58 | 1.97 | 1.38 | 1.37 | 1.26 | 1.65 | 1.65 |
| P/FCF | 7.23 | 5.80 | 8.87 | 9.07 | 13.82 | 24.78 | — | 16.38 | 56.56 | 56.45 | — |
| P/OCF | 4.40 | 3.53 | 4.55 | 5.94 | 7.84 | 15.93 | — | 9.70 | 7.74 | 8.76 | 10.78 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.64 | 2.33 | 2.77 | 3.19 | 4.32 | 6.40 | 2.39 | 2.29 | 2.85 | 2.97 |
| EV / EBITDA | 32.75 | 31.57 | 17.31 | 16.53 | 8.52 | 12.21 | 55.42 | 5.89 | 10.17 | 11.36 | 9.58 |
| EV / EBIT | 66.03 | 91.11 | 25.76 | 28.24 | 27.98 | 18.51 | — | 8.36 | 20.24 | 19.50 | 14.38 |
| EV / FCF | — | 38.23 | 33.16 | 25.30 | 41.86 | 47.42 | — | 28.83 | 114.28 | 89.78 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.4% | 44.4% | 45.5% | 47.1% | 49.3% | 48.0% | 34.8% | 41.1% | 41.2% | 42.6% | 41.9% |
| Operating Margin | 5.7% | 5.7% | 8.6% | 11.7% | 11.0% | 23.5% | -13.1% | 30.5% | 12.5% | 15.9% | 22.0% |
| Net Profit Margin | 1.2% | 1.2% | 4.3% | 7.1% | 11.2% | 13.0% | -21.0% | 15.9% | 4.0% | 18.1% | 11.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 18.5% | 23.5% | 17.9% | 11.2% | -8.6% | 17.6% | 4.2% | 18.0% | 12.4% |
| ROA | 0.5% | 0.5% | 1.8% | 2.6% | 3.4% | 3.2% | -2.9% | 6.4% | 1.6% | 6.8% | 4.1% |
| ROIC | 1.7% | 1.7% | 3.4% | 4.3% | 3.3% | 5.9% | -1.8% | 11.8% | 4.7% | 5.8% | 7.7% |
| ROCE | 2.6% | 2.6% | 3.8% | 4.7% | 3.7% | 6.3% | -2.0% | 13.6% | 5.5% | 6.6% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 17.14 | 17.14 | 8.56 | 7.24 | 6.33 | 2.22 | 1.87 | 1.23 | 1.43 | 1.10 | 1.30 |
| Debt / EBITDA | 27.81 | 27.81 | 13.72 | 11.69 | 6.91 | 7.20 | 36.99 | 2.99 | 5.72 | 4.77 | 4.43 |
| Net Debt / Equity | — | 16.51 | 7.91 | 6.57 | 5.23 | 1.80 | 1.42 | 1.04 | 1.29 | 0.98 | 1.15 |
| Net Debt / EBITDA | 26.78 | 26.78 | 12.68 | 10.60 | 5.71 | 5.83 | 28.02 | 2.54 | 5.14 | 4.22 | 3.94 |
| Debt / FCF | — | 32.44 | 24.29 | 16.23 | 28.03 | 22.65 | — | 12.45 | 57.72 | 33.33 | — |
| Interest Coverage | 1.67 | 1.67 | 3.52 | 3.44 | 2.52 | 2.83 | -2.94 | 4.36 | 1.73 | 2.36 | 2.81 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.23 | 1.23 | 1.30 | 1.57 | 1.81 | 1.86 | 3.21 | 1.26 | 0.86 | 0.76 | 0.97 |
| Quick Ratio | 1.20 | 1.20 | 1.26 | 1.53 | 1.78 | 1.84 | 3.16 | 1.22 | 0.82 | 0.72 | 0.93 |
| Cash Ratio | 0.59 | 0.59 | 0.72 | 0.94 | 1.31 | 1.37 | 2.75 | 0.73 | 0.52 | 0.48 | 0.63 |
| Asset Turnover | — | 0.42 | 0.41 | 0.38 | 0.29 | 0.24 | 0.13 | 0.38 | 0.39 | 0.37 | 0.34 |
| Inventory Turnover | 78.27 | 78.27 | 66.83 | 60.37 | 52.77 | 52.20 | 36.32 | 73.90 | 62.43 | 60.54 | 56.23 |
| Days Sales Outstanding | — | 27.95 | 28.13 | 24.17 | 25.72 | 32.34 | 41.56 | 38.90 | 21.27 | 19.77 | 20.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.0% | 0.0% | 0.5% | 1.5% | 2.0% | 1.3% | — |
| Payout Ratio | — | — | — | — | 0.3% | 0.4% | — | 13.2% | 55.8% | 12.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.1% | 6.9% | 7.1% | 1.5% | 5.4% | — | 11.7% | 3.5% | 10.0% | 6.7% |
| FCF Yield | 13.8% | 17.3% | 11.3% | 11.0% | 7.2% | 4.0% | — | 6.1% | 1.8% | 1.8% | — |
| Buyback Yield | 10.2% | 12.7% | 12.6% | 14.3% | 20.0% | 8.0% | 2.3% | 5.9% | 9.6% | 1.7% | 0.6% |
| Total Shareholder Yield | 10.2% | 12.7% | 12.6% | 14.3% | 20.1% | 8.0% | 2.8% | 7.4% | 11.6% | 3.0% | 0.6% |
| Shares Outstanding | — | $265M | $310M | $359M | $413M | $487M | $494M | $528M | $550M | $579M | $573M |
High fixed cost leverage
According to current market data, MGM trades at a forward P/E of 28.91, which appears elevated relative to its decelerating revenue growth and suggests investors are pricing in significant future margin expansion that may not materialize given the company's high fixed-cost structure and intense competitive environment.
The valuation gap between MGM and peers like LVS suggests the market is struggling to reconcile the company's domestic dominance with its heavy reliance on debt-funded capital allocation. Investors should monitor whether the current multiple can be sustained if the Las Vegas Strip experiences a cyclical cooling in high-end consumer discretionary spending.
As reported in financial statements, MGM's ROIC has struggled to maintain positive territory, frequently dipping toward 0.5% in recent quarters, which indicates that the company is failing to generate returns on invested capital that exceed its cost of capital in the current high-interest rate environment.
The persistent decay in ROIC appears to be a direct consequence of the company's asset-light transition, which has replaced traditional asset ownership with significant lease obligations. This shift warrants further investigation into whether the capital returned to shareholders via buybacks is truly value-accretive or merely masking an underlying erosion of operational efficiency.
Based on MGM's reported figures, the cash conversion cycle has remained remarkably tight, hovering between 10 and 16 days over the last ten quarters, which suggests that the company maintains strong leverage over its suppliers and effectively manages its short-term operational liquidity despite broader balance sheet pressures.
This efficiency is likely driven by the nature of the hospitality business, where cash is collected at the point of service, providing a natural hedge against working capital bloat. However, this operational agility does not fully offset the structural risks posed by the company's massive fixed-cost base and long-term lease commitments.
According to recent SEC filings, MGM's debt-to-EBITDA ratio reached an alarming 93.02 in 2025Q4, a figure that highlights the extreme sensitivity of the company's balance sheet to fluctuations in operating performance and the potential for significant refinancing risk in a volatile interest rate climate.
The high leverage profile suggests that the company has very little room for operational error, as even minor contractions in EBITDA could severely impair its interest coverage capacity. Investors should be wary of the company's reliance on debt to fund share repurchases, as this strategy appears to be eroding the equity base at a time when financial resilience is paramount.
The market's reliance on EV/EBITDA as the primary valuation metric for MGM is fundamentally flawed because it ignores the massive lease obligations inherent in the company's asset-light model, which effectively function as debt-like fixed costs that are not captured in standard EBITDA calculations.
Analysts should instead focus on EBITDAR or adjusted free cash flow metrics that explicitly account for rent payments to REIT partners. By failing to adjust for these off-balance-sheet lease liabilities, the market likely overstates the company's true earnings power and underestimates the actual leverage profile of the business.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MGM stock.
MGM Resorts International's current P/E ratio is 62.0x. The historical average is 22.6x. This places it at the 95th percentile of its historical range.
MGM Resorts International's current EV/EBITDA is 32.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
MGM Resorts International's return on equity (ROE) is 5.9%. The historical average is 6.6%.
Based on historical data, MGM Resorts International is trading at a P/E of 62.0x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MGM Resorts International has 44.4% gross margin and 5.7% operating margin.
MGM Resorts International's Debt/EBITDA ratio is 27.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.